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Cherry: Redeye: Cherry - Still valued at a discount

To say that the report for Q3 was strong is an understatement. The
Group produced a net sales of SEK 899m with an organic growth of 46%.
The primary driver of outperformance was Online Gaming. After the
period ended the remaining 5% of the shares in Game Lounge was
acquired. Thus far Cherry has paid a total of SEK 325m for 100% of
the shares, we value the Online Marketing segment at about SEK 3.4bn
in our SOTP. We have adjusted our projections and valuation upwards
following the strong report. Cherry is in an industry that is
undergoing consolidation, and foreign suitors have already acted on
other Nordic iGaming companies. If the valuation discrepancy to the
SOTP in Cherry prevails, we find it likely the company will attract
suitors for either the whole company or the parts in separate

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